Trius Completes Purchase of Gander West Property Near New Found Gold’s Queensway Project
21 Septembre 2020 - 5:35PM
Trius Investments Inc. (TSXV: TRU) (“Trius” or the “Company”) is
pleased to announce that, further to its press release dated
September 9, 2020, it has completed the indirect purchase of a
mineral license (the “Transaction”) for the Gander West exploration
property in Newfoundland (the “Gander West Property”), along with
all related permits and technical data (collectively, the
“Purchased Assets”).
The Gander West Property consists of 120 claims
covering 3,000 hectares of prospective ground, and is located
approximately 16 kilometres (km) from the centre of New Found Gold
Corp.’s Queensway Project, where that company recently drilled
92.86 grams/ton (g/t) of gold (Au) over 19.0 metres (source:
newfoundgold.ca/project/Queensway-project).
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b0291be8-7bf5-41e8-9eec-f8e94bedfae6
The Gander West Property is mostly unexplored
and is located in the midst of a well known gold belt, along a
strong NE-SW structural lineament within a magnetic-low corridor,
and immediately south of a prominent magnetic-high anomaly.
High-grade gold occurrences (>50g/t Au in grab samples) occur in
quartz veins 2.5 km southwest of the Gander West Property.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/492cc810-5839-4140-927f-398a5afeb2de
The Gander West Property is already permitted
for exploration, including ground geophysics, geochemical surveys,
and prospecting.
Trius’ President and CEO Joel Freudman
commented: “We’re very pleased to have acquired the Gander West
Property, which we believe has meaningful exploration potential
given the limited work there to date. While we determine how best
to build value from the Gander West Property, we’ll also be looking
at expanding our footprint in this region and across Newfoundland
to build an asset package that we believe can generate returns
within our portfolio for our shareholders.”
The Transaction has been closed in escrow,
pending Newfoundland governmental registration of the transfer of
certain Purchased Assets to Trius. As previously disclosed, the
vendors of the Purchased Assets (the “Vendors”) received the
following consideration for the Purchased Assets: (i) the issuance
by Trius of an aggregate of 2,000,000 common shares in the capital
of Trius at a deemed price of $0.19 per share; (ii) the payment to
certain of the Vendors of an aggregate of $25,000 in cash; and
(iii) the granting to certain of the Vendors of a 3.0% net smelter
returns royalty from any future mineral production at the Gander
West Property. The Company also reimbursed certain of the Vendors’
non-material staking costs.
The Purchased Assets will be a novel, direct
mineral exploration holding within the Company’s broader investment
portfolio. Trius is acquiring the Purchased Assets as a passive
investment, and does not intend to operate the Gander West Property
directly. However, Trius may engage third-party technical and
exploration consultants to advance its mineral property holdings so
as to increase their monetization potential.
About Trius Investments
Inc.Trius is an investment issuer increasing its exposure
to the precious metals sector through a variety of novel investment
structures, including acquiring gold exploration properties in
Newfoundland. Trius’ common shares trade on the TSXV under the
symbol “TRU”.
Trius is a portfolio company of Resurgent
Capital Corp. (“Resurgent”), a merchant bank providing venture
capital markets advisory services and proprietary financing.
Resurgent works with promising public and pre-public
micro-capitalization Canadian companies.
Dean Fraser, P.Geo., one of the Vendors and a
technical advisor to the Company, is a qualified person as defined
by the Canadian Securities Administrators’ National Instrument
43-101, and has reviewed and approved the contents and technical
disclosures in this press release.
For further information, please contact: Joel
FreudmanPresident & CEOTrius Investments Inc.Phone: (647)
880-6414
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Information and links in this press release
relating to New Found Gold Corp. are from sources believed to be
reliable, but that have not been independently verified by Trius.
These links are included in this press release as inactive textual
references for reference purposes only and the information on or
connected to these websites is not part of, or incorporated by
reference into, this press release.
This press release contains certain
forward-looking statements, including those relating to advancing
and monetizing the Gander West Property, and the acquisition of
other mineral exploration investments. These statements are based
on numerous assumptions regarding the Purchased Assets that are
believed by management to be reasonable in the circumstances, and
are subject to a number of risks and uncertainties, including
without limitation: mineralization hosted on adjacent and/or nearby
properties is not necessarily indicative of mineralization hosted
on the Company’s property, the exploration or monetization
potential of the Purchased Assets and specifically the Gander West
Property; challenges in identifying, structuring, and executing
additional investments and acquisitions, on favourable terms or at
all; risks inherent in mineral exploration activities and
investments in the mineral exploration sector; volatility in
financial markets, economic conditions, and precious metals prices;
and those other risks described in the Company’s continuous
disclosure documents. Actual results may differ materially from
results contemplated by the forward-looking statements herein.
Investors and others should carefully consider the foregoing
factors and should not place undue reliance on such forward-looking
statements. The Company does not undertake to update any
forward-looking statements herein except as required by applicable
securities laws.
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